CFPB Director Fields Questions from House Committee

How is remodeling a government office building with a four-story glass staircase, granite fountains, sunken gardens, and more to the tune of $185,000,000.00 in the best interest of the US taxpayer.

Mr. Cordray’s statement that “every halfway functioning shopping mall in America” has the same features confuses a mall, which is a business that makes its money by enticing buyers through their doors, to a government office building whose sole function is an administrative one with no need to give people a reason to visit.

The attitude that $185 million dollars is a trivial amount is, unfortunately, the prevailing one among bureaucrats and elected officials in today’s world. For a more detailed look at this subject – please read the article below.

A week after appearing before the Senate Banking Committee, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray traveled back up the hill again to review the bureau’s semi-annual report and take questions from the House Financial Services Committee.

At the hearing, committee members asked Cordray to address a number of issues surrounding the embattled agency, including accountability concerns and allegations of discrimination.

Right from the start, the director went on the defensive with committee chairman Rep. Jeb Hensarling (R-Texas), who opened the hearing with remarks on what he called “disturbing developments” within the bureau.

“Properly designed, the CFPB is capable of great good on behalf of consumers,” Hensarling said. “It is also capable of great harm.”

Hensarling then questioned Cordray about the cost of renovating its headquarters, which is now at an estimated $185 million. The new building plans include a four-story glass staircase, granite fountains, sunken gardens, and more.